Bitcoin Forum

Update 2 : The case has been resolved, an agreement has been found with Beaxy

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an agreement

When you keep your tokens on centralized exchanges, be always ready for situations like this. Given that they have control over all private keys to all tokens stored on the exchange, they have a right to these tokens if they feel you violated their rules. "Not your keys, not your coins" is the motto we must never forget. It seems the token you were trying to sell had very low volume, and very few buyers willing to purchase your offer. That had resulted in a huge price movement, which is considered to be market manipulation according to exchange policies.

Check their FAQ for more info https://beaxy.com/market-impact/

To be honest, I was surprised, at first many predicted that Beaxy is one of the most promising exchanges in the future and Beaxy would become a favorite place for traders. But ...

I don't have to say anything, It's really sad for an otherwise promising exchange.

It was just a hype.. This is a clear scam attempt because no one would lock the funds when the market is in bull run.

I'm afraid because of the bullish movement now, many exchanges will do and exit scam.

https://livecoin.net/ already did as what I read in the forum, their site is still down, I hope I'm wrong.

Actually it is not surprising because I think this project is a failed ICO because when they held an ICO very few people were interested in this exchange, then until now their trade volume has not increased, sorry to hear of your loss I hope they can return your funds.

Though I wouldnt call 13% a huge price movement, it just went from 22 to 19 (I also sold in usdc 1/3 of it to make the impact smaller on the market) and recovered fast then going to 25-26 so I didnt really make their market suffer so even that lame excuse doesnt work.
Plus anyway, I had made similar movements on many other exchanges with low liquidity coins and never any of them froze my funds for market selling ( that just goes against the very first thing trading is if you cant freely sell what you want) because none of them had such an abusive rule.

Im mostly annoyed because I kept the funds for more than one year on my key as a good supporter of their project and suddenly when I finally decide to sell one year later after my funds went from 1 btc to 0.22, I transfer my tokens on their exchange ( no other place to sell it, its their token ), their only reaction is to steal whats left of my asset value and after making me wait 1 month for an answer just tell me " If you want to dispute that, contact our lawyer " Lol

I have very little hope to see my funds returned I think.

The worst is that I might have been able to sell and withdraw at a much better value in 2019 when they didnt feel yet like they had to steal people's funds because their token was still doing ok the first months

At worst banning the account but in no way stealing an user money  because you dont like the way he did 2 trades is acceptable, thats pure and straight scam

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an acceptable agreement as a refund for my 0.227btc

So what's the update now? Do we have some concerns too from other people or this concern is only solely for you?

I hope you'll get your 0.227btc as bitcoin reach another new ATH which is at $40k, that's a good amount.

No more new updates so far, Im waiting to hear back for them, I hope they just do the right thing considering they are in the wrong here as I used the exchange like anyone expects to be able to use an exchange

You said on Jan 5, you were contacted by beaxy team and now after 5 days later still no any update? It's only me or everyone also thinking they are trying to postponed your problem since bitcoin price still above $41k right now

They should see the urgency to solve the problem because you have posted your concern here, there reputation is at risk, they use the forum to run their signature campaign in the past, so that means they value the forum.

Not only they ran signature campaign in past but also the accuser is the man who created their ann thread in this forum and I can see a lot of pages already discussed there. So the accuser already did some works as partnership and they don't think more one time to do shady behavior with the very user who works as partnership. Then can we guess what will be happened with other users?

It will be good if they resolve the issue. Otherwise I will ask to op marked Beaxy ann description with RED words. :)

Well if thats the case, the last fall of the btc should help  :)

Its been one week now so I expect them to contact me back soon to see the details of how we're gonna resolve this.

Considering the price plummeted hard since our conversation and even more since my sell in november ( 20-22 sats back then, 9 sats now) , I will not compromise anymore for a refund in tokens but only accept the 0.227 btc I had on my account in november and that they chose to seize.

Now its their problem if its harder to buy 0.227 btc at 35k to refund me than it was at 10k in november, that would have not happened if they had let me withdraw my money

Who, the ones investing in it? Every exchange that has a signature or a bounty here will attract a lot of believers who think they've just bought the new bitcoin.
How many of those have failed miserably? Almost all?


There is one thing I'm not sure about since you said just tokens blocked and not detailed when this happened..
Did your trade go through all it was canceled even before happening?

You once mentioned in the first post the tokens you wanted to sell were frozen and now the  0.227 BTC you had in your account.
Of course, it doesn't change the thing they are clearly on exchange to avoid if this is their practice and the fact that they are indeed outright scamming you by freezing your funds but it will have an impact on how people will view the solution (if any) once applied.


So, did they roll back your orders?

 
Second thing, are they based in the US? Then it's pretty stupid for them to throw away words like "contact our lawyers"
Some pissed users might contact FinCEN.

thanks for your update sir. means that in Beaxy we can't do large amounts of WD transactions?
i have some coins in there for the amount of $ 200. If you see this case, I'm not sure whether the funds can be withdrawn or not.

to all, ask for advice, do I need to try to withdraw the funds or should I just let it go?

It's all depends from the exchanges want to enable the withdrawal or freeze your funds, we don't know how much amount can be categorized as large from them

You need try to withdraw ASAP to your own wallet since they has a problem right now, I wish you can get your money back.

So to clarify, I made 2 trade, selling my tokens for btc and usdc, then I put my usdc part in btc, so in total I had 0.227 btc from what I had sold. Then I tried to withdraw and they prevented that before giving me their final answer 3 weeks later telling me that these funds connected to the tokens are frozen.

You cant do "large" ( apparently 4000 dollars was enough to be considered large for them) market orders on their exchange yes, which is a bit crazy for an exchange to me. Probably because they are market making with their money so you are basically taking their money when you market sell. But then that makes this order book artificial if you cant even use it, I'd call this fake market making if they punish you for hitting their order of market maker

Ok, so they've allowed the exchange but they've blocked the funds.
Since they haven't rolled back both tardes they are good to pay the sum in BTC!


If they really want to prevent "abuse" and "manipulation" then they could have implemented a simple system that wouldn't allow users to sell a bigger amount than 1%, 5, % or whatever of the hourly/daily volume of that pair in a certain timeframe.
And with this, I've given them the idea of how to do it in a hundred ways, but I doubt they really care about that and they are actually both praying on users to make them guilty on random terms, and probably they are letting them also do these when it benefits them if they really play with their own money on their own exchange!

Checking their website, how can I trade some HIVE coins without manipulating the market as the volume is 3$ and with 0.1 BTC I can crush the market?  ;D

Yes, though I didnt go back on my account since they told me my " contested" assets were frozen, maybe they removed the btc from my account, but I cant withdraw them anyway.
The price dropped so hard it's not acceptable anymore to get a refund in tokens I wont be able to sell anyway, I just want my btc back.

Well I'm still waiting for news from them, did not hear back since our first call...

In this case, I didnt have the choice since their exchange was the only place to sell their token

3 months later since the first time I tried to withdraw the money they took from my account, Im still waiting for the team to propose an acceptable solution to refund me the btc I had in november

Now bitcoin even reached new ATH, i doubt your case wiill re solve soon as it seems they are tried to buy time and wait for bitcoin go down. Your money is worth more than $8,000 at the time i writing this post, do you agree with what i say on above?

I wont lie, Im very bitter the more the value of btc increase, the thought they are trying everything to stall time crossed my mind, somehow I feel like refunding my btc would be more acceptable for them if the btc was worth 5k.

Well they cut all possible discussions and simply refuse to refund my btc, simply offering me some tokens as compensation for the btc I had and only if I make disappear any complaint or comment calling out the scam. tokens I wouldnt be able to sell as this case taught us


Here it is, they now decided to just steal my btc and thats it. They use a stupid " Contractor = insider" Excuse ( while I had 0 inside infos since i wasnt part of the team) to justify stealing funds.

That says a lot and I think now I can clearly call this exchange a scam to avoid at all cost

As a trader i always suggest everyone to use popular crypto exchanges who have good reviews and delivering honest service to their platform users. Using a new exchange is always risky and we have seen so many incidents which were related to new trading platform.  Usually they offer less trading fees and bonuses to attra t traders but finally people face unexpected things.

I will suggest you to edit your topic and add more details about this exchange. You can add their website link, domain details and community group links which will help your thread visitors to stay far from this platform.

Note: Visit this sections pinned post area and follow the scam report from the top.

Yes I wish I would have had the choice to sell their tokens outside their exchange but unfortunately it was the only place.

Thanks for the advice, I will do just that.


Updated the title too since they clearly stole my funds, theyre not even locked anymore, they just purely disappeared from my account.

If you haven't got the proper scam report format yet then follow this thread; https://bitcointalk.org/index.php?topic=260073.0

Website Archived: https://archive.is/Etblr

Here is their domain details:

Thanks, I will add this to the top of the first post.

What token they offered to you? Is it Beaxy token? If they are going to compensate you with popular altcoin, it's still acceptable as you can exchange it immediatelly with bitcoin and got your money back, but if they are offering you with new token which has low volume, never accept it

Yes Beaxy Token, this is exactly what they tried to do : I was supposed to go back on my comments here and say that the issue is resolved and in exchange I would get as a refund for my btc more of their low volume/liquidity token. Forcing me to hold it for months and having to trust the value wont decrease ( which I dont trust anymore obviously when I see how shady they are), knowing that this token and the impossibility to sell big chunks of it due to their " High market impact" Rule is the source of the problem and that I would be stuck back with it again while I had sold it 4 months ago.

I did not accept it so they told me " You will get nothing then"

Straight up scammers

Yes that's what scammer do to trick you. When they promised to pay you with their token, it will become useless since a legit company even would buyback their token from market. I think it's better for you to not receive anything unless they pay you with btc. It's seems they don't have any intention to pay your money back because they didn't active on here, what would you do now? Your money is close with $10,000 right now

They think Im being unreasonnable for not accepting their tokens offer.

Its very frustrating knowing you can be stolen like that. I'm thinking about publishing this on twitter with the help of influencers

Well so far we are trying to work on a new compromise to reach a joint agreement on the tokens part if it has to be a compensation in tokens.

Have your withdrawal issues been resolved, is quite a while we hard an update on this issue or you are still waiting for the exchange response?

I guess the problem has not been solve yet, OP is the manager of the campaign before, if the problem is solve, surely he will update this thread as the way we look at the status of this thread, it's an active or unresolved scam accusation.

Hello, just to warn you the situation seems to have been resolved peacefully with beaxy and we found an agreement on this matter in term of tokens.

Once I get my tokens, I will post an update and another one after to confirm if I can actually withdraw with no problem after selling some of them

That's a good news for you, at least you have a peace of mind now that they you both agreed to a certain term. It's not good to see projects going scam especially that you help them in their marketing, I hope for the best, good luck!

Thank you !